- Millennials are beating baby boomers and Gen X-ers when it comes to investing in gold, according to State Street.
- Demand for the precious metal, widely regarded as a safe haven asset, remains strong as recession risks loom.
- Gold has rallied almost 9% year-to-date, and is approaching the key $2,000 per ounce mark.
Buying gold isn’t much of a gamble, when it comes to investment strategies.
A safe haven asset, protecting against market downturns and economic uncertainty, it offers stability under pressure in a way riskier alternatives such as stocks don’t. As such, the precious metal is possibly an ideal choice for older, wiser, and more cautious investors – such as those from the baby boomer generation.
Not really, according to the world’s No. 4 asset manager.
Millennials are the biggest investors in gold, beating baby boomers and Gen X-ers by a big margin, according to a report from State Street, which cites the findings of a survey by SPDR ETFs.
“On average, millennials have a higher allocation to gold at 17%, with boomers and Gen X lagging behind at just 10%. And millennials reported a greater appreciation for the convenience of investing in gold through exchange traded funds (ETFs),” George Milling-Stanley, chief gold strategist at State Street, wrote in a report.